Today’s financial world is so amazingly and incredibly complex, anybody from even just 10 or 15 years ago would have their mind blown just to think about it. In many ways, it’s like walking into a room that has hundreds of doors in it. That is why it’s essential to have a clear idea of what you are looking for, so you can choose the right “door” or “doors” to walk through at the right time. And that is why we wrote this article.
Here we talk briefly about the different types of payment methods available at online casinos. We are going to help you cut through all the layers of complexity, so you can make the right decision for yourself. While it’s true that there is a great deal of “your mileage may vary” when it comes to online payment methods, there are also guiding principles at play. These principles are what we propose to bring to the forefront in the next several paragraphs of this article.
- Credit Cards
How do we rate the best payment providers?
There are several things to look for when choosing the right type of online payment method. The first one should always be that the payment method is secure and trustworthy. Beyond that, the next most important criterion should be that the payment method is quick. Ideally, it should be instantaneous. Another important factor is, quite simply, ease of use. This is because time is money, and the easier it is to use an online payment method, the more time you save. And finally, a lot of people are looking for privacy and discretion in their online transactions. This, in fact, is how the “your mileage may vary” aspect comes into play. For some people, for example, privacy may be worth sacrificing a bit of ease of use or speed of the transaction in some cases. Individual priorities and needs may be very different. This is where you will have to analyze your own priorities and decide what combination of these four aspects, in what order, works for you personally.
Which online casino payment options are there?
There are many types of payment methods available all over the world. In fact, in the area of new payment methods for online casinos, some several European countries are taking the lead with innovative payment methods such as BankID and Trustly. Unfortunately, these options have yet to hit the Canadian market at the time of writing. But it can be hoped that this will change sooner rather than later. In the meantime, the main types of payment methods available for general use with online casinos include the following: credit cards, debit cards linked to a bank account (such as Visa Electron or Mastercard), e-wallets, cryptocurrencies such as Bitcoin (BTC), Etherium, and so on, and other methods such as bank transfer. Bank transfer is still offered in some online casinos, but it’s probably the worst option out of these mentioned here. Indeed, it won’t be considered any further in the scope of this article. This then leaves us with the four other methods just mentioned above: credit cards, debit cards, cryptocurrency and e-wallets.
Fast payments in a casino
For the fastest payments, e-wallets are usually the best option for a Canadian player. These methods will almost always be instantaneous when being used with online casinos. This includes when they are used to deposit as well as to withdraw. E-wallet providers such as PayPal, Neteller and Skrill should be considered for this reason. BTC or other cryptocurrencies also always offer instant deposits and usually instant withdrawals. Interac payments (or e-transfers as they are commonly known in Canada) are also usually instantaneous, although, depending on the individual casino in question, this is not always the case. Generally, Interac is a less common option in online casinos. However, its use as a payment option for both deposits and withdrawals is becoming more and more common in casinos that accept Canadian players. In general, the slowest methods for depositing and withdrawing money in online casinos will be credit and debit cards working with Visa and Mastercard. These methods are all but guaranteed to incur delays of several business days on each end of the transaction, unfortunately.
Payments on the go
It’s also worth mentioning that almost any bank will recommend that online banking is done over a secure Ethernet connection as opposed to online banking over WiFi. Of course, this is less of a concern, once again, when using methods such as e-wallets, as they allow you some separation from your actual bank account. Having said that, all major banks offer apps for your phone, where you can do any type of online banking you want. Likewise, PayPal, Neteller, Skrill and so on all have apps as well. Apple Pay and Google Pay are also good options, but not too many casinos accept them at this time. Naturally, people are going to want to use their phones for these transactions, for purposes of convenience. It still bears mentioning, however, that caution is still in order. Do be mindful of your surroundings and the channels you are using when performing online transactions over WiFi networks. We recommend that you avoid networks that are very public and used by lots of people, as well as networks that are unknown to you.
This is how you recognize serious and secure payment providers
On that note, it’s important to use secure payment providers. Don’t just pick any option that you see listed as an available method of doing business on the website of any online casino. It’s also important to bear in mind the track record of any particular payment platform and its resulting reputation with the general public. This is not to say, however, that new payment methods are automatically not trustworthy; there is plenty of room for innovation out there, and this has to start somewhere! So, how do you know whether to trust a newer payment method? A simple Google search goes a long way in almost every case if you are not familiar with the name of a particular e-wallet or online payment provider and want more information. Also, read up on their security regimens. Do they perform regular penetration testing? How often is this done? What is their encryption like? Those are some of the most important questions when dealing with any online payment method. Alternatively, you can check out our detailed payment provider pages to find the method that’s right for you.